SOFT4 ASC842 MIDI set-up: 10-Day Implementation

Analysis phase

3 files are sent by the Service Provider:

• ASC842 Questionnaire.
• Lease Data Template (excel form for initial data upload)
• ASC842 chart of accounts. Then Parties have a one-hour conference call to explain the Lease Data Template and Chart of Accounts.

System Installation

The Supplier prepares SOFT4Lessee SaaS tenant for the Customer, sets up user access and assists the Customer with the initial connection to the system.

Configuration

The Supplier sets system parameters up: • Transition option, accounting periods, chart of accounts, asset categories, maturity bands, legal entities, as per Questionnaire the Customer filled in on Analysis Phase. • Dimensions, currencies, A/ P reconciliation process, IAS17 parallel accounting (if needed).

Lease Data Acquisition

The Customer compiles the leases in Lease Data Template (excel).

Lease Data Upload to the System

The Customer uploads data to the system and resolves data issues, if any. The Supplier facilitates the data upload and validation, provides help on resolving any issues.

User Training

The Supplier sends the Customer the links to user guide videos and provides Soft4Lessee user manual. The Supplier provides on-line user training.

Overall System Test

The Customer activates leases and creates G/ L posts on initial transition to ASC842. The Customer runs amortization for several months (future-dated), several leases up to expiration, does lease modifications, takes G/ L output and validates the balances and net changes.

Go-live

The Supplier prepares Production environment. The Customer activates leases and creates G/ L posts on initial transition to ASC842, then continues regular monthly process.